The global hair wigs and extensions market size is expected to reach USD 11.8 billion by 2030, according to a new study by Polaris Market Research. The report “Hair Wigs and Extensions Market Share, Size, Trends, Industry Analysis Report, By Product (Wigs and Extensions); By Hair Type; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Hair loss or baldness may occur due to various medical conditions or changing hormones, creating consciousness among millennial population. Therefore, demand for wigs & extensions has risen tremendously in recent years. Synthetic or human hair is used to produce wigs or extensions. However, the raw material varieties have also changed with trends, and animal hair, Futura, or a mixture of these materials are also used in manufacturing these hair implants.
The growing occurrence of hair-related problems, including alopecia, among young generation worldwide, will likely drive product demand. According to the National Library of Medicine, U.S., over 70,000 people have alopecia areata in the region in 2020, with most cases coming from women.
The worldwide grooming industry is anticipated to witness expansion opportunities due to inclination of young generation toward improving their aesthetic looks. The growing use of hair extensions and head hair wigs is trending today. Hence, the market will witness tremendous growth owing to increasing demand for grooming products from developing nations such as India and China. The increasing hair fall rates of women globally influence the market growth.
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Owing to the fast-paced and hectic lifestyle, consumers across the world are inclined towards using convenient solutions while choosing grooming products. The growing disposable income will also result in consumers spending on these products to improve their appearance. However, hair transplantation is likely to hamper the market growth. Nevertheless, hair extensions and wigs are cost-effective solutions as well as user-friendly in nature, which will positively influence product demand.
Hair Wigs and Extensions Market Report Highlights
Polaris Market Research has segmented the hair wigs and extensions market report based on product, hair type, and region:
Hair Wigs and Extensions, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Hair Wigs and Extensions, Hair Type Outlook (Revenue - USD Billion, 2018 - 2030)
Hair Wigs and Extensions, Regional Outlook (Revenue - USD Billion, 2018 - 2030)